An advantage of the economic crisis is that it has become easier to compare money loans. There has been a lot of criticism of banks because the financial world was inscrutable. For example, banks have made borrowing money more transparent, partly due to the actions of the Netherlands Authority for the Financial Markets (AFM). That is of course nice and it ensures that you know exactly where you stand when you take out a loan. Hidden costs or usurious interest are now a thing of the past.
Compare money loans
There are numerous types of money loans on the market and they can vary considerably. Therefore, always compare money loans in advance and do not just go to your own bank. Don't be afraid to shop at other banks and compare the loan interest rate. The current interest is of course important when you start comparing money loans.
But there are more factors that are important when taking out a loan. For example, the length of the period over which you must repay the loan (the term) is important. But the amount of the monthly installment also determines whether you can bear these extra costs.
Redemption without penalty is an important condition
Another important factor that I would certainly take into account when comparing loans is whether you can pay off penalty-free. This will not only play a role if you have a financial windfall and you would like to get rid of your expensive loan. But even if the current interest has fallen sharply, as is the case at the moment. Many households would love to refinance their expensive loan.
Borrowing cheaply is therefore not always the best option, although this may be the most attractive at the moment.
Compare money loans and shop smart
As mentioned, comparing money loans is an important step in taking out a loan. Many people go online to all banks to gather information about the loan they need. However, there are also websites that have already done all the comparison work for you. You can also compare money loans on slimlenen.nl to choose the cheapest money loan at a glance.
If you are going to compare loans, you often know what exactly you need the loan for. If you want to invest in the renovation of your home, this requires completely different amounts and the type of loan than if you want to buy a new car. Borrowing money easily is by no means always self-evident. Especially when it comes to large amounts. If you are looking for a small loan, this can often be arranged more easily, especially with a short term. Read our article on mini-loans for more information.
Borrow smartly with the following tips
The best tip I can give you is not to borrow money and just save for it. This is of course obvious and you are not waiting for such advice. Sometimes it can happen that you are temporarily short and need money.
You can compare money loans and choose the best loan with the tips below:
- Choose a revolving credit form and not a revolving credit.
- Take out a loan with a low interest rate. Keep in mind that the actual level of the interest rate is often only announced in the quotation. This is partly due to your creditworthiness.
- Do not take out a loan for a purchase that is shorter than the term of the loan.
- Never take out a loan with built-in mortality coverage. If this is mandatory, opt for separate insurance. This can save you a lot of money.
- Ask in advance what the advisory costs are for taking out the loan. There is a ban on commissions for some products .
- Prefer not to choose a small amount because you often pay a higher interest.
- And perhaps the most important tip. Try to choose the loan where you can repay without penalty. You can always get rid of your loan early.